Axis pegs Q3 cat losses at $190-220M

Axis Capital Holdings Ltd. on Tuesday estimated its third-quarter preliminary net loss for catastrophes and other events at $190 million to $220 million after-tax.

 

The estimate relates to hurricanes Laura and Sally, the Midwest derecho, West Coast wildfires, Beirut explosion and regional weather events in the United States, and is attributable to the Pembroke, Bermuda-based company’s insurance and reinsurance segments, Axis said in its statement Tuesday.

 

Axis also said there is no change to its net loss estimate associated with first-party coverages established for the COVID-19 pandemic in the first quarter of 2020.

 

The insurer and reinsurer said it had seen “accelerating improvements in pricing across most insurance lines of business,” and “improving trends in current accident year loss ratios excluding catastrophe and weather-related losses for its insurance and reinsurance businesses, consistent with progress observed in the first half of 2020.”

 

Axis is scheduled to report third-quarter results during its conference call on Oct. 29.

More insurance and risk management news on the coronavirus crisis here.